Hyperdrive: Hyperdrive Innovation and BorgWarner Gateshead acquired by Silicon Valley electric motor pioneer

Business Secretary touts investment as 'huge boost for workers in the North-East' as Turntide Technologies confirms plans for 'multi-year £100m investment' in Gateshead region UK battery manufacturer Hyperdrive Innovation and electric vehicle (EV) tech firm BorgWarner Gateshead have been acquired by a Silicon Valley-based electric motor developer that has been backed by Bill Gates, Amazon's Climate Pledge Fund, and film star Robert Downey Jr. US electric motor company Turntide Technologies announced today that it had bought the two Sunderland-based firms, as it launched a new Gateshead-based business division focused on developing motor systems for the commercial transportation industry, dubbed Turntide Transport. Turntide Technologies, which has clinched funding from a series of high-profile investors in the US after developing machine learning-powered motors that cut the emissions of buildings and improve the efficiency of heating and cooling systems, said it planned to initially target the new venture at commercial and industrial vehicle, rail, marine, and aerospace markets. Financial terms of the deals have not been disclosed, however Turntide confirmed the purchases marked the beginning of a "multi-year £100m investment" in the Gateshead region. Turntide said the merging of the two companies under the banner of Turntide Transport would help create a "one-stop powertrain platform provider" that would fast track the development and delivery of zero emission transport solutions crucial to the decarbonisation of the economy, while establishing England's North East as a hub for sustainable transport innovation. "Incorporating the technology from these two companies with the [Turntide's patented] Smart Motor System will allow Turntide to simplify the path to sustainable transport," said managing director of Turntide Transport Matt Boyle. "Gateshead has become well-known worldwide as a growing centre for digital business. We are excited to make Gateshead a centre for our innovation in sustainable transport, a move that reflects our confidence in the city." Turntide chairman and CEO Ryan Morris said the firm was turning its attention to the decarbonisation of transport after successfully developing solutions that reduced the climate impact of the waste and built environment sectors. "Because Turntide has been successful in driving down energy use and waste in the built environment, it is critical that we translate this success into transportation to help combat the growing threat of climate change," he said. "We are excited to incorporate the experience and innovation that these two companies have to offer as we launch into the transport market with our initial reference customers." Aston Martin, Hitachi Rail, JCB, and Volkswagen's MAN division will be among Turntide Transport's initial customers, the company confirmed. BorgWarner Gateshead, which was originally founded as Sevcon but merged with US group BorgWarner in 2017 in a deal which valued the company at £150m, develops and sells controls for zero emission and hybrid vehicles. Hyperdrive Innovation, meanwhile, is one of the UK's largest battery manufacturers, producing systems for a range of material-handling and off-highway vehicles, as well as stationary and portable energy storage systems. Business Secretary Kwasi Kwarteng applauded the deal, which he said was evidence of how the UK's climate change commitments were attracting inward investment and powering economic growth. "Cutting carbon emissions in transport is key to tackling climate change and I welcome this game-changing investment by Turntide," he said. "It will drive forward the technologies we need to clean-up the cars and vans on our roads, boats on our seas and planes in the sky. "This is also a huge boost for workers in the North-East and further evidence of how our climate change commitments are opening opportunities for economic growth, private investment and job creation across the UK as we level up and build back greener from the pandemic."